Pironet NDH: Reorientation shows significant success
Increase in the growth trend
The accrued figures up to 09/30/2011 show the following: All three continuing group operations were able to increase their sales sharply compared to the previous year. At €40.3 million, the total sales figure to the end of the last quarter (continuing operations only) was considerably higher than the corresponding figure of €33.8 million in the previous year. At the same time the growth trend increased. This figure was 17% after the first two quarters, but by the end of the third quarter had increased to 20%.
Positive figures for all three continuing operations
The upward trend and success of the change process are also reflected in the accumulated results. The increase in sales combined with a disproportionately low increase in costs meant that all three group operations had provided a positive contribution to operating income at the end of the third quarter. By 09/30/2011 all continuing group operations had achieved an EBIT of +€2.4 million, which was considerably higher than the negative EBIT from the same period of the previous year (-€0.5 million). The EBT has also improved considerably. It now amounts to +€2.5 million, compared to the EBT of -€0.3 million posted at the end of the third quarter in the previous year. Regarding the EBT, it must be borne in mind that high value adjustments relating to the investment in SA2 Worldsync. GmbH with the sale of shares on 09/30/2011 must be posted separately. The losses in the discontinued group operations still place a burden of -€3.0 million on the corporate result per September 2011.
Significant increase in liquidity in the third quarter
The company's liquidity improved significantly. While the liquid assets amounted €9.5 million after the first two quarters of this year, the liquidity at the end of the third quarter increased by considerably more than 30% up to €12.7 million. Pironet NDH AG has retained its very high equity ratio and continues to work without liabilities to banks.
Reorientation and restructuring continued
After the strategic reorientation to three operatively profitable corporate segments, Pironet NDH AG is also making progress in reducing costs, even if the positive effects resulting from this will only achieve their full effect as of the coming fiscal year, 2012. The sale of agentes AG and of the shares in the internationally acting SA2 Worldsync GmbH plus the merger of SA2 Retail AG onto the imperia AG mean that the complexity within the Group with respect to company law has been considerably decreased, which enables administrative processes to be streamlined and future board and personnel costs to be reduced. It was also decided to move business segments to the same location, and this has already been prepared for this December. Because of the expiry of several leasing contracts, a lot of activities of the group will in future be concentrated at the headquarters in Cologne-Porz, thereby optimising both the cooperation between companies and the direct and indirect site costs.
Results after the reporting deadline
After the reporting deadline of 09/30/2011 the Supervisory Board agreed with the former CEO, Hans Werner Scherer, about the termination of his contract. The costs involved here will be entered in the balance sheet in the 4th quarter of 2011 and will not be debited in 2012.
PIRONET NDH AG
PIRONET NDH AG is a corporate group that brings together three companies specializing in the different business areas ICT outsourcing, content management as well as consulting and design. PIRONET NDH AG was founded in 1995 and is based in Cologne. Since 2000, it has been listed on the German stock exchange. The Group of companies employs more than 350 people and posted sales figures of around 55 million euros in the last financial year (2010). More information: http://www.pironet-ndh.com